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RERA In Maharashtra To Put A Full Stop Over Real Estate Developers Arbitrary

General

Thursday 25th April 2017

Author: Riya Kapoor

Highlights

In Maharashtra, RERA made a number of customers quite happy who have been thinking to buy property since now they do not need to get victimized.

Maharashtra is going to win the tag of first Indian state implemented the Real Estate (Regulation and Development) Act, 2016 which holds the power to bring a great smile.

The Act revolves around the bringing transparency through disclosure of all sorts of information associate to a project and that is the main object behind introducing it.

In Maharashtra, RERA made a number of customers quite happy who have been thinking to buy property since now they do not need to get victimized by real estate developers’ arbitrary. Now, they can go for buying the desired property without confronting any issues as the law has become a bit stronger to support them and keep them free from wilfulness of developers. Let’s check it out the more about it in a discreet manner.

A Bit About RERA -
Maharashtra is going to win the tag of first Indian state implemented the Real Estate (Regulation and Development) Act, 2016 which holds the power to bring a great smile on new buyers’ face. This Act is packed with a number of provisions to keep them safe from real estate developers’ Arbitrary. In May, 2016, this bill has been supported by both House of the Parliament.

Salient Features Of RERA In Maharashtra
1. It also comprises a point that builders will not be able to bring issue based on religion, caste, food preference or cultural.
2. To bring more transparency in property transaction, it is essential for builder to bring all sorts of details into the light regarding the project.
3. If the buyer is not happy or contented with the property or confronting any sorts of delay in property, customer is allowed to claim a full refund within 15 days of purchasing it.
4. It requires showing the charges for parking area in the official agreement. Saying would not be wrong that it leads towards maintaining transparency.
5. According to RERA, the real estate developer needs to accomplish the task within the stipulated time otherwise penalty would be imposed. Not only this, but it can also lead to towards three years in jail.
6. In order to keep customers safe from estate agent’s fleecing, it has become essential for every agent to get registered with the government.

If talk about the customers’ reaction, they are quite elated as they are going to safe from a number of things which has always been headache for them. Now, developers have to hold the RERA certificate in order to kick off their projects. This act will not be applicable only one upcoming project but on-going projects all comes under it. According to this ACT, the developers will be allowed either sell or advertise the property for sell unless the project gets registered.

The Motto OF RERA
The Act revolves around the bringing transparency through disclosure of all sorts of information associate to a project and that is the main object behind introducing it. After coming RERA into the light, it has become essential for the real estate agent to get registered in rest of sale or purchase of property. It would not be overstated that it is going to bring a wide chunk of relaxation to investors and buyers. We hope it will be implemented in other Indian state too.